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China, Asia, and the New World Economy$
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Barry Eichengreen, Yung Chul Park, and Charles Wyplosz

Print publication date: 2008

Print ISBN-13: 9780199235889

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199235889.001.0001

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Is East Asia Safe from Financial Crises? 1

Is East Asia Safe from Financial Crises? 1

Chapter:
(p.233) 9 Is East Asia Safe from Financial Crises?1
Source:
China, Asia, and the New World Economy
Author(s):

Charles Wyplosz (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199235889.003.0009

This chapter examines whether East Asia remains vulnerable to financial crises. Section 9.2 reminds us that this question would have received a negative answer even as late as in 1996. Section 9.3 describes how the East Asian countries have endeavored since 1998 to protect themselves from a re-run of the traumatic events that are still haunting them. In particular, it argues that the spectacular build-up of foreign exchange reserves reduces, but does not eliminate, the odds of a crisis. Based on the three generations of crisis models, Section 9.4 seeks to identify the remaining vulnerabilities. The last section wraps up the previous conclusions and examines the policy options.

Keywords:   financial crises, East Asian countries, foreign exchange reserves, crisis models

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